Capital Economy, Business and Finance
Former F1 boss Bernie Ecclestone’s HMRC fraud payouts have led to a podium finish for him as the second highest taxpayer in the UK for 2024, according to the Sunday Times. Ecclestone was forced to pay over £650 million in back taxes in a record settlement with HMRC after pleading guilty to fraud last year. Prosecutors alleged the 93 year-old billionaire had failed to declare more than £400 million in overseas assets. After pleading guilty Ecclestone’s settlement became the largest in HMRC history, and he was given a 17-month jail sentence suspended for two years given his “frail” health. Ecclestone narrowly missed out on pole position on the taxpayer list to Alex Gerko, the Russian-born founder of trading company XTX Markets.